BRASILIA - Brazilian state-run oil firm Petroleo Brasileiro SA has formally requested the right to participate in an ongoing legal dispute that could have implications for its multibillion-dollar divestment program, a document seen by Reuters shows.
According to the legal document, the company filed a request on Wednesday that would allow it to present arguments and defend its points of view regarding a major case before Brazil’s Supreme Court, which concerns the sale of subsidiaries by state-run firms.
Petrobras is now deep into the divestment process for its TAG pipeline unit, which is expected to fetch several billion dollars. The three groups interested in the pipeline may present new bids through April 2.Still, Lewandowski, the Supreme Court justice, has yet to issue a final ruling, which is expected to uphold or modify his previous injunction.
Source: Law Daily Report (lawdailyreport.net)
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